Source: time.com - Tuesday, December 30, 2014
Prime Minister Narendra Modi rushed out three ordinances in a day on Monday, as part of his attempt to galvanize desperately needed reforms to the Indian economy. The blitz follows two ordinances last week. The most important of Monday’s ordinances — a legislative tool akin to an executive order — called for a relaxing of land acquisition rules in several key sectors, in an attempt to remove regulatory barriers to projects worth nearly $300 billion. “The priority of the government was to bring a balance between the interests of the farmers and the development needs of the society,” said finance minister Arun Jaitley, speaking to reporters. The ordinance will apply to projects related to defense, rural electrification, affordable housing and industrial corridors, Reuters reports. Under the new rules, initiators of such projects no longer need to seek consent from 80 percent of the people displaced by the work, as they were required to do by the previous administration. The requirement for a social impact assessment before a project begins has also been done away with. The other two ordinances issued late Monday included changes to arbitration and conciliation laws, and one that merges the status of Person of Indian Origin (PIO) and Overseas Citizen of India (OCI), thereby making it easier for members of the Indian diaspora to get lifelong visas. The two ordinances issued last week were aimed at increasing foreign investment in the
from Top News on RSS Feeds http://time.com/3649267/india-modi-ordinance-land-acquisition-pio-parliament/
Prime Minister Narendra Modi rushed out three ordinances in a day on Monday, as part of his attempt to galvanize desperately needed reforms to the Indian economy. The blitz follows two ordinances last week. The most important of Monday’s ordinances — a legislative tool akin to an executive order — called for a relaxing of land acquisition rules in several key sectors, in an attempt to remove regulatory barriers to projects worth nearly $300 billion. “The priority of the government was to bring a balance between the interests of the farmers and the development needs of the society,” said finance minister Arun Jaitley, speaking to reporters. The ordinance will apply to projects related to defense, rural electrification, affordable housing and industrial corridors, Reuters reports. Under the new rules, initiators of such projects no longer need to seek consent from 80 percent of the people displaced by the work, as they were required to do by the previous administration. The requirement for a social impact assessment before a project begins has also been done away with. The other two ordinances issued late Monday included changes to arbitration and conciliation laws, and one that merges the status of Person of Indian Origin (PIO) and Overseas Citizen of India (OCI), thereby making it easier for members of the Indian diaspora to get lifelong visas. The two ordinances issued last week were aimed at increasing foreign investment in the
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from Top News on RSS Feeds http://time.com/3649267/india-modi-ordinance-land-acquisition-pio-parliament/
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